Mashreq partners with UAE fintech Fils to launch carbon offsetting services for corporate clients

Mashreq partners with UAE fintech Fils to launch carbon offsetting services for corporate clients

Dubai, UAE/ London UK: Mashreq, one of the leading financial institutions in the MENA region, has signed a Memorandum of Understanding (MoU) with the UAE-based fintech firm, Fils, to develop a corporate carbon offsetting offering that helps corporate and institutional clients to integrate carbon offsetting directly from their Mashreq corporate accounts.

Fils is a groundbreaking, enterprise-grade, digital platform that provides the underlying infrastructure for financial institutions, banks and other organisations across industries to launch standalone, sustainable focused products such as carbon offsetting. This approach to the future of fintech facilitates the transition to an Environmental, Social, and Corporate Governance (ESG) compliant corporate landscape, enabling companies of all sizes to effortlessly embed sustainable and climate action into their business models and customer journeys, across industries.

In a bid to eliminate the deceptive practice of misrepresenting environmental responsibility through greenwashing, Fils infrastructure uses blockchain technology to track all carbon credits used to avoid double counting and provide transparency.

The MoU was signed at Mashreq’s Global HQ by Nameer Khan, founder of Fils; and Mashreq’s Head of Corporate and Investment Banking Group, Joel D Van Dusen, with the support of the UAE’s Chief Trade Negotiator and Assistant Undersecretary for International Trade Affairs at the Ministry of